mitchell looked into the truth behind the rhetoric of both candidates. >> let me repeat what i said. i'm not in favor of a $5 trillion tax cut. that's not my plan. my plan is not to put in place any tax cut that will add to the deficit. >> reporter: romney has proposed making the bush tax cuts permanent for all income levels and then cutting all rates an additional 20%. he would repeal the alternative minimum tax and permanently repeal the estate tax. the nonpartisan tax policy center concluded that mitt romney's tax plan would cost $4.8 trillion over ten years. romney said again tonight that his plan would be paid for, but to pay for those cuts, he would have to close loopholes in the tax code and get rid of some tax deductions, he said, and credits, but he's repeatedly refused to say which deductions he would get rid of saying that he would work with congress to make those decisions. also tonight president obama said his plan would cut the deficit by $4 trillion. >> we all know that we've got to do more, and so i put forward a specific $4 trillion deficit reduction plan. it's on a